Vecima Networks Inc. (TSX:VCM) today reported financial results for the three and nine months ended March 31, 2020 and provided a COVID-19 business update.

Navigating COVID-19

'We delivered a very strong quarter while navigating the COVID-19 pandemic, and I want to thank all of our employees for helping us to fulfill our essential role in the telecommunications supply chain through these unprecedented times,' said Sumit Kumar, Vecima Network's President and CEO. 'Around the globe, social distancing and stay-at-home mandates related to the COVID-19 situation are driving incredible utilization across our customers' cable and IPTV networks. This, in turn, has driven increased need for the solutions we provide to bring additional capacity to our customers' networks. We have quickly adapted our ways of doing business so that we can protect the health and safety of our teams while responding to this growing demand.'

'More than 80% of our workforce is now working from home, and we have implemented strict practices and protocols for the small number of employees whose presence is required on site to perform their job functions. This includes social distancing, increased cleaning and availability of personal protective equipment where it is required. Our employees have continued to do exceptional work amidst these changes and we are deeply proud of the entire Vecima team,' said Mr. Kumar.

About Vecima Networks

Vecima Networks Inc. is a global leader focused on developing integrated hardware and scalable software solutions for broadband access, content delivery, and telematics. We enable the world's leading innovators to advance, connect, entertain, and analyze. We build technologies that transform content delivery and storage, enable high-capacity broadband network access, and streamline data analytics.

Forward-Looking Statements

This news release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes', 'may', 'plans', 'will', 'anticipates', 'intends', 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Forwardlooking information in this news release includes the following statements: We delivered a very strong quarter while navigating the COVID-19 pandemic; around the globe, social distancing and stay-at-home mandates related to the COVID-19 situation are driving incredible utilization across our customers' cable and IPTV networks; this, in turn, has driven increased need for the solutions we provide to bring additional capacity to our customers' networks; third quarter 2020 results reflect the accelerating demand for Vecima's solutions; Vecima remains on track to deliver 20% or better growth in Content Delivery and Storage sales in fiscal 2020; Vecima's next generation Entra family of products continued to gain momentum; demand for legacy products in this segment is generally tailing off as customers move to next-generation platforms; the industry's overall plan of record to move to DAA and IPTV, together with the current climate of unprecedented consumer demands on networks, are translating into opportunities aligned with Vecima's strategic product offerings; working with our blue-chip customers, we are progressing field and lab trials of our next generation family of Entra and MediaScaleX products to respond; longer term it is difficult to predict what the full economic, supply chain and network development impacts of the COVID-19 pandemic will be given the evolving and uncertain nature of this crisis; with product offerings that respond to essential communication needs and our very strong financial position, we believe we are well positioned to manage the challenges of the COVID-19 business environment in the months ahead. A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading 'Risk Factors' in the Company's Annual Information Form dated September 26, 2019, as well as the Company's continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

Contact:

Tel: 250-881-1982

(C) 2020 Electronic News Publishing, source ENP Newswire